Nike has moved into the second phase of its marketplace strategy, executives said on a conference call Monday. The retailer has communicated the biggest wholesale pivots to its partners and reduced wholesale accounts by more than 50% over the past four years.
In pursuit of a direct-to-consumer strategy, Nike will begin testing Jordan-branded stores in North America in fiscal 2023. Chief Financial Officer Matt Friend said it is also using Nike stores to invest in the women’s space, and that the company’s Nike Live concept is “showing promising levels of productivity per square foot.”
Nike revenue grew 5% to $10.9 billion in the third quarter, on the back of 17% growth in Nike Direct and 22% growth in digital. Nike Direct made up 42% of the retailer’s sales in the quarter, reaching $4.6 billion, according to a company press release.Retail Dive